Aeroflot Pulled Out Of Italy on Lack of Favor
Russian airline Aeroflot has officially pulled out of bidding for Alitalia, the national airline of Italy. According to Aeroflot, it withdrew because of the lack of access to vital information on Alitalia and changes in tender conditions. But the analysts and sources with Aeroflot attribute the withdrawal to political reasons.
“After thorough consideration of all circumstances related to Alitalia’s privatization, the decision was made to terminate participation in the tender procedures and not to lodge the final bid for acquiring the stake in the company,” Aeroflot officially announced yesterday. Aeroflot’s partner, Unicredit, submitted the respective notification to Italian finance ministry.
Officially, Aeroflot cites two reasons of abandoning the bid. First, the company and its advisers were denied access to the comprehensive data on the actual state of affairs in Alitalia. Second, “the privatization requirements materially restrict ability of Aeroflot to take necessary actions for the true revival of Alitalia."
Aeroflot claims to Alitalia were first reported following the visit of President Vladimir Putin to Rome, which triggered speculations about potential swap of assets of Russian and Italian companies. Soon after it, Italian Eni got stakes in Russia’s Arktikgaz and Urengoil, prompting the analysts to forecast the most favored treatment for Aeroflot at Alitalia’s tender.
But the gas assets of Yukos, Eni partnership with Gazprom and 30 percent in WGC-5 (Wholesale Generating Co.-5) acquired by Eni weren’t enough for the Italians. A source with Aeroflot management emphasized “the material political pressure” in Italy. “Some policymakers were saying Alitalia should remain Italian at all accounts,” the source explained, specifying that the Americans were the first to withdraw and Aeroflot followed.
“We didn’t feel we were enjoying favor of Italian authorities. The debts of Alitalia are huge, the problems with trade unions are obvious, while the advantages and dividend for Aeroflot couldn’t be estimated in such situation,” the source said.
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All the Article in Russian as of June 28, 2007
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